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CMES launches Consolidation of Sinotrans Shipping’s Major Shipping Assets
Date:2020-01-20 Soure:CMES Click:

 

20 January 2020 - CMES announced the Board of Directors’ decision to agree with the acquisition in cash transfers in consolidating the dry bulk vessels assets under Sinotrans Shipping and the equity of Yamal LNG transportation project, as a means to counteract rivalry in the industry. The above assets were valued at a total of RMB 6.571 billion, of which the equity consideration was RMB 2.310 billion while the loan repayment was RMB 4.261 billion.

 

The assets acquired in this transaction include: 9 Capesize vessels, 11 Panamax vessels, 21 handysize carriers, 5 ARC7 ice-breaking LNG carriers, 25.5% equity, and Sinotrans Shipping Management Co., Ltd., holder of a DOC certificate. After the completion of the acquisition, CMES’ Capesize and Handysize fleets have greatly promoted their strength. The extensive participation in the grain transportation business primarily supported by the Panamax ship type has boosted the revenue of LNG business, and driven CMES further towards a world-class shipping enterprise with core competitiveness.

 

 

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